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In this chapter, I summarize the stylized facts and models of intrest rates, 
and, combining with the time-series and cross-sectional properties of equities, 
discuss how the term structure of equity can be incorporated into the asset pricing
dynamic. Instead of assuming the risk-free rate to be one period, as classic 
asset pricing models implying in the Euler equations and SDFs, one would expect that
an ideal asset pricing model could not only explain the dynamic of equity, but
 reconcile the property of the term structure of interest rates as well.

The first part of this chapter summarizes studies of risk free bonds and the term structure
of this asset class. 

\section{Section 1}
Section 1: